Sewedy plans power investment in Pakistan

Cairo, May 25, 2010

Egypt's El Sewedy Cables said on Tuesday it was negotiating for a 50-megwatt power generation project in Pakistan, in a bid to open a new market in Asia.

The firm, the largest Arab cable maker by market value, did not provide further details on the project but said Pakistani banks were ready to finance up to 70 per cent of the project.

Pakistani officials said on Sunday that Sewedy was interested in setting up a wind turbine plant in Pakistan and was considering investing $200 million in five projects of 10 MW each.

Sewedy has said it is looking into supplying wind energy projects in the Middle East and Africa to tap growing demand.

The firm has production plants in Egypt, Ethiopia, Nigeria, Yemen, Saudi Arabia, Syria, Algeria, Ghana, Zambia, Qatar and Libya and exports to markets in the Middle East North Africa region, Spain, Portugal, eastern Europe and Brazil.

Sewedy shares were down 4.7 per cent at 0922 GMT on Tuesday, compared with the benchmark index which was down 5.2 per cent.-Reuters